The South Korean Ministry of Science and NIPA (National Information and Communications Promotion Agency) have offered financial support to companies that create content for the metaverse. South Korea will support and encourage local meta and NFT content creators. However, they recently blocked Play-to-Earn projects.
The authorities have launched a tender to select four companies, each of which will receive 200 million won (about $159).
Director of Software and ICT (Information and Communication Technology) Ho Won-Suk said that this project will be part of the metaverse development strategy in the country. The press release mentions that companies that wish to participate can apply until July 8th.
The Koreans are making it clear that they want to take the lead in the metaverse market. At the beginning of the month, the South Korean authorities announced that they were going to spend $117 million as an investment in the metaverse, in particular, Lim Hyesuk, head of the Ministry of Science and ICT, stated this.
This is the first time that a state has officially allocated money for the development of virtual reality. Only after the collapse of the Terra project, the South Korean government tightened regulation of the crypto, then the supervisory authority began to establish criteria for listing cryptocurrencies, monitor unfair trading activities and monitor the safety of investors. By the end of June, the authorities plan to create a digital asset committee that will be responsible for protecting crypto investors.
South Korea has softened its attitude towards crypto and everything related to blockchains and NFTs. To remember the sharp tightening and distrust of P2E games, read the previous articles.
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